Korean Air acquires stake in Czech Airlines
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Korean Air has acquired a 44% stake in fellow SkyTeam member Czech Airlines.
The South Korean airline has become the second biggest stake-holder in the European carrier and is the first Korean airline to invest in a foreign carrier.
As part of the deal, Korean Air will expand its current codeshare from Prague into Europe and will lease an A330-300 to Czech Airlines to operate flights between Prague and Incheon twice a week.
“We have known Czech Airlines for a number of years, during which we have both been part of the SkyTeam alliance. Our successful codeshare collaboration only confirms that our decision to become a strategic partner of the Czech national carrier, culminating in our signing of the contract, is the correct decision,” said Yang Ho Cho, chairman and CEO of the Hanjin Group and Korean Air.